Oxy Capital SGOIC, S.A. has published its comments on the decision of the Chair of the Independent Board to adjourn ICG’s Scheme Meeting and EGM from 28 August to 10 September 2026 in order to solicit additional proxies in favour of the MBO Bid.

The stated rationale is difficult to accept when weeks earlier the Independent Board had defended the timetable as being governed by the Irish Takeover Rules. That apparently inflexible position was reversed after the interim proxy count pointed to clear defeat for the Scheme.

Separately, Glass Lewis, one of the principal international proxy advisers, has recommended that shareholders vote against the Scheme, observing that the €8 bid “appears to have been struck at a low relative valuation”. That independent assessment supports Oxy Capital’s view that the current offer undervalues the Company.

In its view, if the objective is a sale of the business, ICG should run a fair and open process on a realistic timetable, which would deliver a materially better outcome for all shareholders.

Oxy Capital encourages all other independent shareholders to reject the offer by casting their votes AGAINST the resolutions proposed at the Scheme Meeting and Extraordinary General Meeting reconvened for 10 September 2026.

A full copy of the press release can be found on Oxy Capital’s website and by clicking here.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260831752100/en/

Enquiries:
Leonel Lucas
leonel.lucas@oxycapital.com
+351 912 347 055

Tags

More Like This

ICG: Oxy Capital Comments on the Half-Year Results of Irish Continental Group PLC (“ICG”) and the Independent Board’s Response to Its Letter

Statement from OCI Global

OCI Global Publishes Notice of Annual General Meeting 2026

Aker Carbon Capture ASA: Notice of Extraordinary General Meeting

/C O R R E C T I O N - OCI Global/

OCI Announces EGM Approval and Updated Indicative Timetable for Orascom Construction Combination

Request received for extraordinary general meeting in Aker Carbon Capture ASA - Update on liquidation proceeds

OCI N.V. Notes Enterprise Chamber Decision Not to Order Inquiry